Partnership : It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-1: To Give: Calculate the share of partner. Partner 1 Partner 2 Partner 3 Profit = 270000 (equally) 90000 90000 90000 Calculation of Partners Share in Profit Partner 1 Partner 2 Partner 3 Opening Capital (A) 164000 98400 65600 Profit = 270000 (equally) 90000 90000 90000 Concept Introduction: Partnership: It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-2: To Give: Calculate the share of partner. Partner 1 Partner 2 Partner 3 Profit (1640:984:656) 135000 81000 54000 Calculation of Partners Share in Profit Partner 1 Partner 2 Partner 3 Opening Capital (A) 164000 98400 65600 Profit (1640:984:656) 135000 81000 54000 Concept Introduction: Partnership: It is an organization in which two or more person join together to do a business in which they all share profit and losses in an agreed ratio. One or more partners are acting in behalf of all partners. Each partner is responsible for the act of firm. Requirement-3: To Give: Calculate the share of partner. Partner 1 Partner 2 Partner 3 Share of partners 118800 88240 62960 Calculation of Partners Share in Profit Partner 1 Partner 2 Partner 3 Opening Capital (A) 164000 98400 65600 Salary 96000 72000 50000 Interest (A*10%)= B 16400 9840 6560 Remaining Profit 6400 6400 6400 Share of partners 118800 88240 62960 Original Profit 270000 Less: Total of salary and interest (A+B) 250800 Net Profit 19200

8th Edition

ISBN: 9781259662966

Author: John J Wild

Publisher: McGraw-Hill Education

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